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3/9/2011 5:36PM

News Hub: Exxon Plans to Boost Production

Russell Gold has details on Exxon's plan to boost production and spending over the next several years and how the oil giant is reacting to the turbulence in the Middle East that's sent crude prices spiking above $100 a barrel.

This transcript has been automatically generated and may not be 100% accurate.

Gou ... the ... green light ... the shareholder meeting ... a lot of good stop the thigh ... aam ... spot with the ... iconic controlling oil will only increase production by how much with us is that it has been injured increase production by twenty three percent year to twenty fifty which is pretty surprising for a company that cites the struggle to increase production over the last ten years ... so they really gave the market that was good news there because oil is ... incredibly Richmond ... I'm what they say about the Middle East situation about a physical supplies ... although other update as sanguine as many other people from a WA Reis ... no they certainly didn't express any words it is that the physical market are well supplied ... and that any price was up it is is is based essential people worried about what the future but for right now there's no shortages of of crude they said that the ... bidding group that they have been taking ... to refineries of the big able to replace the market so they really didn't have any worries that the boss Lennie signals on how they perceive the price of oil long-term policy that affects ... how they will expand ... well typically outside wall always said we don't discuss oil prices they don't get out their forecast and ... the shelling out for ... a decade ... given that they they never get out ... of one of things they did say is that the little worried that gas prices go up by about another fifty cents to Dallas to four dollars ... that's worked ... into thousandeight we saw lot of drivers really begin to pull back a lot of people ... household budgets really being impacted and of course one to household budgets being eaten up at the gas pump that you got less to go out instead of the tellers and take trips etc so ... he really signal for Dulles the not the point where he was given on that one of the things ... that's been talked about Iran this trade is dead at breaking up attacks on him to pieces on the grounds that might be worth more than saying no thanks for a happy family will stay together ... what he Mike about what they really came out swinging on this and this has been the model for a hundred years the integrated oil mull to control oil and gas from the well that all the way to the gas stations ... there's been some talk on the streets of Analysts' reports adjusting to get better valuations that way ... think about it said aptly not that into a strong case for the civil we have computer models we know exactly how to get the most value from this ... um and that that essentially that they would ... have to take some money out of gets the money back ... if they broke off by Standard oil has been broken up ... this fall ... Russell bank does not necessarily bad results we created competing oil companies ... around the world and other companies disagree Barrichello recently as May move last few months to break up the refining and their or their oil production so other ... and bolster reported that so you usually see other models ... that's the same or not interest in the short term all ... of